Arizona Real Estate License Practice Exam 2026 - Free Real Estate Practice Questions and Study Guide

Question: 1 / 1505

How is the price of a more expensive lot calculated if its value is 50% higher than a smaller lot selling for $15,000?

$20,000

$22,500

To determine the price of the more expensive lot, we start with the value of the smaller lot, which is $15,000. Since the more expensive lot is valued at 50% higher than this smaller lot, we first calculate 50% of $15,000.

Fifty percent of $15,000 is calculated as follows:

0.50 × $15,000 = $7,500.

Next, to find the total price of the more expensive lot, we add this amount to the original price of the smaller lot:

$15,000 + $7,500 = $22,500.

Therefore, the price of the more expensive lot is $22,500. This calculation process clearly shows how to derive a value that is increased by a certain percentage, reinforcing important concepts related to arithmetic in real estate valuation.

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$23,000

$25,000

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